Barclays reduces fixed rates by up to 0.43% which is ‘surprising in the days up to Christmas’

Barclays have today announced further fixed rate reductions across their residential and buy-to-let ranges, with some rates cut by up to 0.43%.

The headline cheapest rate is a 5-year fixed rate at 4.32% (with a £1999 product fee) for residential purchase or remortgage.

Brian Keane, director of mortgages at Davidson Deem Ltd said, “This is a barnstormer from Barclays.

“Reductions in the cost of fixed rate funds, coupled with increasing competition among lenders who all want to start 2024 with a bang, is good news for hard-pressed borrowers at this time. Who will respond next in the ongoing rate war?”

Rob Gill, managing director at Altura Mortgage Finance said, “We are moving ever closer to a mainstream residential mortgage rate starting with a ‘3’ as lenders position themselves to start 2024 with a bang.

“Barclays are one of the biggest lenders in the country and we expect to see other lenders react accordingly.”

Justin Moy, managing director at EHF Mortgages added, “I’m surprised to see any rate changes in the days up to Christmas, but Barclays are entering into the spirit with these rate cuts across their range.

“This latest set of changes helps home movers, remortgagors and buy-to-let clients in particular, spreading joy to many, not a few.

“Whilst SWAP rates continue to improve, we all need to keep an eye on external influences such as fuel costs that can. unwind this good work, so take the opportunity to reserve early, up to 6 months in advance.”